Perseus Mining (PRU) H1 2025 earnings summary

Executive summary

• Gold production reached 253,709 ounces in H1 FY25 at an all-in site cost of $1,162/oz, at the upper end of guidance, with strong operational support and sales at an average price of $2,350/oz.

• Revenue rose 19% to $582 million, profit after tax increased 22% to $201 million, and EBITDA grew to $353 million, driven by higher gold prices and operational performance.

• Net cash and bullion at year-end reached $704 million, with no drawn debt and $300 million undrawn credit facility.

• Interim dividend of 2.5 AUD cents per share declared, up 100% year-over-year, with a share buyback program ongoing.

• Final Investment Decision made for the CMA underground project at Yaouré, supporting future growth.

Financial highlights

• Operating cash flow for the half-year was $248 million, up 17% year-over-year, with net tangible assets at $1.3 billion and per share at $0.97.

• Basic EPS increased 22% to 12.96 cents, and gross profit from operations rose 26% despite higher depreciation and amortization.

• Notional cash flow rose 27% to $300 million, and gross margin improved to 45.6%.

• Operating cash flow per share up 17%, and annualized dividend yield at 1.87%.

• Net assets increased to $1,878.3 million, with current assets of $820.8 million and current liabilities of $161.1 million.

Outlook and guidance

• FY2024/25 production guidance maintained at 470,000–504,709 ounces at an all-in site cost of $1,250–$1,280/oz for the period ending June 2025.

• June 2025 half-year group production guidance: 215,000–250,000 oz at AISC of $1,360–$1,435/oz.

• Production and cost trends suggest results will be at the top end of guidance, with costs running below the lower end of the range in the first month of the new period.

• 298,100 ounces of gold sales committed over the next three years at an average price of $2,302/oz.

• Ongoing focus on sustainability, mine life extensions, and new project developments, including Nyanzaga and CMA underground.